Home Buying in Hobe Sound>Question Details

jdiana21, Home Buyer in Hobe Sound, FL

Renting out my home and purchasing another

Asked by jdiana21, Hobe Sound, FL Tue May 29, 2012

I would like to rent out my current home and buy another in the area. I'm looking at foreclosures and pre-foreclosures. I can't sell the home I own currently due to the market, but I would really like to move to a home that accomadates my family more (i.e. bigger). Is this something that is financially even possible? Are banks approving mortgage loans for second homes?

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Dear Diana,

So much will be determined by your financial standing and the equity in your current home. I have an awesome mortgage professional who specializes in this area so if you would like to discuss your particular situation please feel free to contact me at your convenience.
Web Reference: http://www.tompriester.com
0 votes Thank Flag Link Wed May 30, 2012
Regardless if you owe more than the home is worth, you can rent it out and it's possible to use the rent to offset the payment on your DTI too.

Not all lenders are sticking to the Fannie, Freddie, FHA, USDA guildlines and are alloing buyers to rent out their underwater homes and buy another one.

However, there are a few things you must do.

Contact me and I'll tell you how to prepare

0 votes Thank Flag Link Wed May 30, 2012
Yes, banks are approving mortgages on second homes, however, there are several stipulations. Your first step should be to talk with a reputable mortgage broker. He or she can advise you on the amount of the mortgage you can be approved for, interest rates, etc. I can recommend someone and also help you find another home in the area. There are a few currently on the market in Hobe Sound.

Dawn Van Dyke
Keller Williams Realty
0 votes Thank Flag Link Tue May 29, 2012
It can be done. However it has to be structured properly financially. If you would like to explore this option, you will need a Realtor and a good Mortgage person. Would love to help!
0 votes Thank Flag Link Tue May 29, 2012
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